Air France KLM SA (AFRAF) CEO Benjamin Smith on Q2 2020 Results - Earnings Call Transcript - Seeking Alpha

Air France KLM SA (OTCPK:AFRAF) Q2 2020 Earnings Conference Call July 31, 2020 2:30 AM ET

Company Participants

Benjamin Smith – CEO & Director

Frederic Gagey – CFO

Conference Call Participants

Daniel Roeska – Sanford C. Bernstein & Co.

Savi Syth – Raymond James & Associates

Jarrod Castle – UBS Investment Bank

Neil Glynn – Crédit Suisse

James Hollins – Exane BNP Paribas

Andrew Lobbenberg – HSBC

Malte Schulz – Commerzbank

Johannes Braun – MainFirst Bank


Good day, and welcome to the Half Year 2020 Results Presentation. Today’s conference is being recorded. At this time, I would like to turn the conference over to Benjamin Smith, CEO of Air France-KLM. Please go ahead, sir.

Benjamin Smith

Good morning. Hi. Welcome [indiscernible] quarter 2020 results call. As you are all well aware, our industry is amongst the hardest hit by this unprecedented crisis with April and May activity levels near 0, both in our home market as well as in most other countries in Europe and around the world. In June, we saw demand start to show some signs of recovery, mainly in Europe. However, demand ramp-up remains still very uncertain.

COVID-19 triggered a global industry restructuring in which airlines are forced to make bold decisions. This has large implications for our group, our employees, our customers, our shareholders and all other stakeholders. I imagine you have many questions about the current situation we are facing and what it means for our future. Therefore, I suggest we go through the Q2 2020 results relatively quickly and then focus on the situation at hand and our go-forward plan in the context of the COVID-19